More than three dozen Attorneys General across the country including Massachusetts AG Maura Healey will sign a letter supporting the concept of allowing banks and credit unions to finance licensed legalized recreational cannabis firms.
The S.A.F.E Banking Act was enacted earlier in the year to protect banks and credit unions that work with cannabis companies from any legal penalty.
The Former Director of Communications for Yes on 4, the campaign in 2016 to inform voters on why they should have voted yes on legal cannabis allowed in the Commonwealth told WSAR it’s time cannabis business be allowed access to financial services.
“I have a great sense this is a great move going forward,” Jim Borghasani said. “I applaud the attorney general for joining the rest in backing this measure. It’s exactly what the industry need. The major obstacle was access to banking.”
Currently only one credit union in Massachusetts has agreed to serve the cannabis industry. Borghasani thinks more options need to be available.
“With so many more states coming on to become legal states, I think there si going to be momentum towards creating a banking system,” he said. “It can give cannabis entrepreneurs and businesses the same access people in other businesses get to enjoy. We need it.”
It’s projected some $25 billion could be spent on the legal cannabis industry come 2025. The issue is that none of that money can currently be deposited into any bank.